SMI Loan Wed, 24 Nov 2021 21:01:18 +0000 en-US hourly 1 SMI Loan 32 32 Nodifi, asset financing specialist, adds personal loan products Wed, 24 Nov 2021 21:01:18 +0000

Asset finance provider Nodifi complemented its brokerage proposition by creating a line of personal loan products.

Nodifi followed suit after consulting with brokers, with the change within the channel that saw many mortgage brokers adding personal loans to their portfolios cited as a major factor in the decision.

“When we talk about asset finance, it sort of covers personal loans, because it’s the same type of request,” said Tim Wells, COO at Nodifi. “Although we say we do asset finance, it’s not a big change in our direction, it just adds to our platform and our quote tool on Nodifi. “

READ MORE: Major aggregator signs agreement with Open Banking platform

“We always have, and now we have the ability for brokers to quote and help their clients decide which lender to go on the platform with.”

“The advantage of personal loans over assets, especially since Best Interest Duty and falling rates, is that we are seeing a lot more mortgage brokers exploring personal loans because there is no rate cut. in the personal space and there is always the possibility for brokers to make money.

“The difficult thing in the world of personal loans is that each lender has their own quotes. If I want to decide what is best for my client, I may need to log into a lender’s platform, do a quote, then another lender, do a quote, then a third and do another. quote to get three options to present to a customer. “

“On Nodifi now a broker has the option to put the app data and then we go through the API and do all the quotes for them and bring the results back. Then the broker can choose to save it, print it or process it in an app.

“In the new year, we will also be able to support the deposit with a lender. As a broker, I will be able to enter my clients’ data, I will quote all lenders, Nodifi will shut down and report the results, then it will take over the information submitted to this lender in the broker’s logins, so they don’t do not need to go back and re-enter the data in another lender system.

“This cuts down on the time it would take to make a personal deal versus mortgage deals in the app. “

Everything you need to know about adoption loans Wed, 24 Nov 2021 19:01:48 +0000

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Adoption loans and grants can help you cover the costs of adopting a child. Learn more about lenders and other organizations that offer them. (iStock)

Deciding to expand your family through adoption is exciting, but it can also be expensive. Adoption expenses vary widely depending on whether you are adopting a foster child, going through a private agency, or adopting from abroad.

Adopting a foster child involves very little expense, as federal and state adoption assistance programs help offset the costs. Corn a private adoption can cost between $ 20,000 and $ 45,000, and an international adoption costs an average of between $ 20,000 and $ 50,000, according to the Child Welfare Information Gateway.

Fortunately, adoption loans can help you fund these costs. Here is what you need to know about adoption loans.

Discover Credible to compare personal loan rates and find the right one for you.

Can I get a loan to finance an adoption?

In short, yes. Many potential parents turn to adoption loans to help pay for the cost of adoption. In fact, adoption loans come in many different forms. Some lenders offer loans specifically for adoption. But you can also use a personal loan to finance your adoption costs.

Lenders who offer adoption loans

The following 13 credible partner lenders offer personal loans that can be used for adoption expenses.


  • Loan amounts: $ 2,000 to $ 35,000
  • Loan conditions : 2-5 years
  • Best for: Borrowers who do not have good credit


  • Loan amounts: $ 5,000 to $ 35,000
  • Loan conditions : 1 to 5 years
  • Best for: Borrowers with good to excellent credit

Best egg

  • Loan amounts: $ 2,000 to $ 50,000
  • Loan conditions : 2-5 years
  • Best for: Low-income borrowers and fair credit


  • Loan amounts: $ 2,500 to $ 35,000
  • Loan conditions : 3 to 7 years
  • Best for: Borrowers who want quick financing


  • Loan amounts: $ 10,000 to $ 35,000
  • Loan conditions : 2-5 years
  • Best for: Borrowers who want to choose their own payment date

Loan Club

  • Loan amounts: $ 1,000 to $ 40,000
  • Loan conditions : 3 or 5 years
  • Best for: Borrowers with a good credit score and a low debt-to-income ratio

Loan point

  • Loan amounts: $ 2,000 to $ 36,500
  • Loan conditions : 2-4 years
  • Best for: Borrowers with fair credit


  • Loan amounts: $ 5,000 to $ 100,000
  • Loan conditions : 2-7 years
  • Best for: Borrowers who want longer repayment terms


  • Loan amounts: $ 3,500 to $ 40,000
  • Loan conditions : 3 to 6 years
  • Best for: Borrowers who want adapted monthly payments


  • Loan amounts: $ 2,000 to $ 40,000
  • Loan conditions : 3 or 5 years
  • Best for: Borrowers who wish to repay their loan early


  • Loan amounts: $ 5,000 to $ 100,000
  • Loan conditions : 2-7 years
  • Best for: Borrowers with excellent credit

To improve

  • Loan amounts: $ 1,000 to $ 50,000
  • Loan conditions : 2-7 years
  • Best for: Borrowers Who Build Credit


  • Loan amounts: $ 1,000 to $ 50,000
  • Loan conditions : 3 to 5 years
  • Best for: Borrowers who do not have strong credit but have an excellent education or work history

Interest-free adoption loans

Some nonprofit and religious organizations offer interest-free adoption loans to adoptive families who meet their criteria. Here are some options to consider:

  • ABBA funds The ABBA fund offers loans designed to cover up to one-third of the overall cost of an adoption, typically between $ 6,000 and $ 8,000. The approval of the zero rate adoption loan application takes six to eight weeks.
  • Free loan in Hebrew Hebrew Free Loan is a non-profit organization that offers interest-free loans of up to $ 20,000 to help Jewish individuals and couples in Northern California meet adoption costs. To be eligible, you must be a Northern California Jewish resident or work for a Northern California Jewish organization.
  • Song of life for orphans Lifesong for Orphans provides interest-free loans only to traditional two-parent Christian families who are US citizens. The application review process takes four to six weeks.
  • Paths for little feet Pathways for Little Feet offers interest-free loans of up to $ 8,000. Priority is given to families with the greatest financial needs. Applicants must work with a licensed adoption agency.

If you are not eligible for any of these adoption loans, you can compare personal loan rate for adoption expenses using Credible.

What is the difference between adoption loans and grants?

Adoption loans and grants both offer funds to help adoptive parents meet the cost of adoptions, but there is one crucial difference: Adoption loans must be repaid, while adoption grants are costs. gifts that do not have to be reimbursed.

Because they don’t have to be repaid, there can be a lot of competition for adoption grant resources. It’s a good idea to apply for a variety of adoption grants to improve your chances of getting financial help.

Here are some adoption grants to consider:

  • Adoption Gift Fund The Adoption Gift Fund offers grants of up to $ 15,000 to help people complete a parent adoption, at home or abroad. Grants are awarded regardless of race, religion, age, marital status or sexual orientation. Applicants must submit two letters of reference and an application fee of $ 50 with their completed application.
  • offers adoption grants between $ 500 and $ 15,000 to couples and individuals regardless of race, religion, gender, ethnicity, marital status or sexual orientation. At least one applicant must be a U.S. citizen and applicants must use a licensed adoption agency in the United States. The organization gives priority to applicants without children or whose adoption placements have failed or been interrupted.

What are the alternatives to the adoption loan?

Adoption loans and grants aren’t the only options for financing your adoption costs. Here are some alternatives to consider:

  • Cash flow refinancing – With cash-out refinancing, you refinance your existing mortgage with a larger loan and get the difference between the two loans in cash. In general, you need a credit score of at least 620 and a maximum combined loan-to-value ratio of 80% to be eligible for a cash refinance. This means that after your withdrawal refinance, you still have at least 20% of the equity in your home.
  • Personal line of credit – A personal line of credit is like a credit card – it’s a revolving credit that you can use on an ongoing basis up to your borrowing limit. As you pay off your balance, your available credit is replenished. Interest rate on personal lines of credit may be lower than credit card interest rates, but are generally higher than home equity loan options because personal lines of credit are generally unsecured.
  • Home equity loan – A home equity loan is also known as a second mortgage. You keep your current mortgage, but you borrow against the equity in your home during a one-time event. Home equity loans usually have fixed interest rates, so if interest rates rise, your monthly payment will not be affected.
  • Borrow money from friends or family – Friends and family may be willing and able to help fund the cost of adoption. If you go this route, make sure you have a written loan agreement in place and pay what the IRS considers an “adequate” interest rate. Otherwise, you and your friend or family member could face tax consequences. As long as your family member bills at least the applicable federal rate in place at the time of signing the loan agreement, you don’t have to worry about tricky tax rules.
  • Crowdfunding – Crowdfunding allows you to raise money for your adoption trip from friends, family, and even strangers. You simply create a profile on a crowdfunding platform, share your story and a link to contribute via email and social media, and people can donate to help cover your adoption costs. Some popular crowdfunding sites include GoFundMe and

If a personal adoption loan loan is right for you, visit Credible for compare personal loan rates in a few minutes.

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Kuster and Pappas back Biden’s plan to ‘rebuild’, adding billions in debt and benefiting illegals Tue, 23 Nov 2021 21:52:35 +0000

But nearly every economic review of the legislation, including the Congressional Budget Office analysis they both claim to be based on, indicates the bill will add billions in new debt. And the Non-partisan Committee for a Responsible Federal Budget (CRFB) predicts the true cost of the bill to be closer to $ 5,000 billion.

This is just one aspect of the budget reconciliation bill that Kuster and Pappas helped pass in a direct partisan vote (Maine Rep. Jared Golden was the only Democratic ‘no’ vote) that received little attention from the New Hampshire media. Democrats say monthly child tax credit checks, increased health care subsidies and taxpayer-funded Pre-K for All will be popular with voters. And they might be right. But there are other details that will almost certainly appear in campaign ads next year.


The New Hampshire congressional delegation touted its votes when the House bill passed last week, even as the Congressional Budget Office released a report that said the $ 1 social spending bill, $ 75 trillion could increase the deficit to between $ 160 billion and $ 360 billion over 10 years, despite promises from the Biden administration. will be covered by a tax increase.

And the CRFB points out that the Democrats’ plan includes 10 years of income, but only includes spending on some of the most important items for five years – if not one. For example, the child tax credit that sends monthly checks to couples earning up to $ 150,000 costs $ 130 billion. But Democrats are only including it in their 10-year plan for just one year. Assuming that the checks don’t end in 2024 – an election year – and instead last for the entire 10 years, the real cost is an additional $ 1,000 billion. None of these amounts are paid under the current system.


Under the Trump administration, recipients of monthly child tax credit checks ($ 300 per child under six and $ 250 for each child aged six to 17) were required to have a Social Security number. As part of the Build Back Better bill adopted by Kuster and Pappas, this requirement has disappeared, allowing many more people in the United States to illegally collect the taxpayer-funded benefit.

The bill also includes a 10-year “soft amnesty” program in the form of work permits, social security numbers, eligibility for social benefits and the possibility of obtaining a driver’s license for some. 4 or 6 million illegal immigrants. The Washington Post calls him “The largest mass legalization program for undocumented migrants in US history. “


The Biden budget lifts the cap on state and local tax deductions (SALT) for federal filers from $ 10,000 to $ 80,000. Few Americans – and very few Granite Staters – pay $ 80,000 in state and local taxes. According to the left-wing Tax Policy Center, the richest 20% of wage earners would reap more than 96% of the benefits of a SALT repeal, and the richest 1% of all wage earners would receive 57% of the benefits.

Lifting the SALT deduction cap helps subsidize the costs of high local taxes in places like Massachusetts, New York and California. But it does little for the taxpayers of Granite State. The roughly 10 percent of New Hampshire residents who itemize the deductions receive only about 0.4 percent of the total benefits of the SALT deduction.


Public pressure has killed the Biden administration’s plans to increase bank reporting requirements to reach more low-income people – a plan backed from the start by Kuster and Pappas. However, House Democrats voted to dramatically increase the size of the IRS in hopes of raising more tax revenue.

Democrats voted to add $ 88 billion in new funding for the IRS, including $ 45 billion dedicated to enforcement and $ 4 billion to administer green energy initiatives. The biggest expense will be some 80,000 new IRS officers to conduct audits. The revenue target set by the legislation is $ 400 billion in additional tax collections over 10 years. Since higher income people tend to have tax advisers to manage their finances, many observers believe that that $ 40 billion a year will come from small business owners and upper middle class people.

Democrats reject the data, arguing that the benefits of the bill outweigh the problems.

“This legislation will lower taxes while lowering the cost of the daily expenses that burden so many Granite Staters,” Pappas said. “It will invest in a strong workforce that will help our small businesses and our economy thrive. It will uplift workers, give our children the best possible head start, and lead the way to a healthier, stronger and more resilient future.

This story was originally published by the NH Journal, an online news publication dedicated to providing fair and unbiased reporting and analysis on political news of interest to New Hampshire. For more stories from the NH Journal, visit

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Forget the pay gap. Let’s talk about the loan spread Tue, 23 Nov 2021 13:00:22 +0000

You may be familiar with the gender pay cap, which indicates that women earn less than men, even in similar roles, industries and qualifications. In fact, the Pew Research Center claims that last year, women earned only 84% of what men brought home. Or, to put it another way, it would take an additional 42 days for a typical female worker to earn the same amount of money as a man in a similar role.

But now new data is revealing another point of disparity – the borrowing gap.

Men have more leeway with lenders

Research from the Federal Reserve Bank of Philadelphia shows that men don’t just make more money than women. They can also borrow more.

In fact, male borrowers have, on average, $ 1,323 higher credit limits than female borrowers. This data takes into account factors that go into setting borrowing limits, such as income and credit scores. In other words, among men and women with similar income and credit, men have even more leeway to borrow.

On the one hand, a difference of $ 1,323 in borrowing power is relatively small, especially since women only earn $ 0.84 for every dollar earned by men. At the same time, this is yet another example of how women seem to be at a glaring financial disadvantage.

How to improve your borrowing options

No matter what gender you identify with, there are steps you can take to open the door to more borrowing opportunities. The first and perhaps the most important is to focus on building a strong credit rating. This means paying all bills on time, keeping long standing accounts open, maintaining a healthy mix of debt, and not asking for too many loans or credit cards at once.

Keeping your credit card debt to a minimum can also help improve your credit score. This is because credit utilization ratios play an important role in determining credit scores. These ratios measure the amount of credit that a borrower is using at a time.

Then, it is worth working on increasing your income if you are looking to increase your borrowing options. You can do this in several ways. First, know what you are worth. The salary you earn does not necessarily reflect what you should be paid for the work you do.

Look up salary data for your role, industry, and geographic location (sites like Glassdoor are a good resource). If you find that the average person with your job title in your city makes $ 70,000 a year and you only receive $ 64,000, that alone could justify a raise.

Second, consider getting a side job in addition to your main job. This additional income will count when lenders review a loan application.

It is unfortunate that women have long been underpaid compared to men. Now, it appears that a borrowing deficit also exists, however small. It’s not the best news, but unfortunately it’s not that surprising either.

Australians are ready to travel and ready to live anywhere Tue, 23 Nov 2021 01:17:48 +0000

New research shows how many people are now working from anywhere, traveling anytime, and staying longer.

The pandemic has blurred the way Australians travel, work and live, with research commissioned by AirBnb finding that 41% of Australians who identified as hybrid / remote employees would rather quit their jobs than return to work in person full time.

About two-thirds of Australia’s 1,500 respondents said they expected more flexibility from their employers and 71% agree that Zoom and video conferencing have ended the need for some business travel and allowed some people to live and work from anywhere.

Almost a third said that after the pandemic they would be living elsewhere while working remotely more often than before the crisis, and 34% said they would not even need permanent residence.

When planning a trip, Australians ranked price, location, and safety among the top three considerations.

Airbnb Country Manager for Australia and New Zealand, Susan Wheeldon, said Australians are embracing new ways of living, working and traveling.

“From farm stays and yurts, to beach huts and tiny houses, Airbnb hosts deliver authentic stays that help guests experience their community in an authentic and connected way – what we know as Australian guests research because they make the most of the extra flexibility and capacity. live anywhere.

Ready to travel this holiday season

Australians are encouraged to give ‘the gift of travel’ over the holiday season and to support the tourism industry which has wreaked havoc throughout the COVID-19 pandemic.

Tourism Australia’s latest campaign aims to generate domestic travel to help the struggling industry.

Data from Tourism Australia’s Sentiment Tracker shows this campaign coincides with renewed optimism in the country about domestic travel in the coming months.

According to the data, 47% of those surveyed are eager to travel as soon as possible, or are planning to travel.

Domestic travel 1.JPG

Source: Tourism Australia Sentiment Tracker

In the short term, 36% of Australians intend to travel in the next three months, a significant increase as state borders and blockages ease.

Inner Journey 2.JPG

Source: Tourism Australia Sentiment Tracker

Tourism Australia Marketing Director Susan Coghill said December and January are traditionally the most important travel months and this summer will coincide with strong pent-up travel demand.

“The latest data on travel sentiment shows the majority of Australians are thinking or dreaming about their next vacation and now is the time to convert them into gift certificates and actual vacation bookings,” said Ms Coghill.

Tourism Australia chief executive Phillipa Harrison said giving the trip as a gift is about giving back to tourism operators and communities that have been among the hardest hit by the COVID-19 pandemic.

“Last year, Australians spent an average of $ 770 on gifts during the holiday season, which equates to $ 16 billion in total. If we could encourage people to spend only a fraction of that on travel, it would be a multibillion dollar boost to the tourism industry. “


Looking for a personal loan? The table below shows unsecured personal loans with some of the lowest interest rates in the market.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of November 23, 2021. See disclaimer.

Image by Rafael Leao via Unsplash

The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Client-Owned Institutions, and Australia’s largest non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 institutions owned by clients are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management as of November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent , Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The largest non-bank lenders are those who (as of 2020) have more than $ 9 billion in loans and advances funded by Australia. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and are directed to a product or service provider’s web page, it is highly likely that a commercial relationship exists between that product or service provider and .to

Products from some vendors may not be available in all states.

In the interest of full disclosure,, Performance Drive, and are part of the Firstmac group of companies. Find out more about how manages potential conflicts of interest, as well as how we get paid, please click on the website links.

*The Comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.

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Best credit cards for international students Mon, 22 Nov 2021 17:28:43 +0000

How to choose an American credit card as an international student

Here’s what to look for as an international student when comparing credit cards:

  • No annual fee: Your first credit card shouldn’t incur unnecessary fees because you don’t want it costing you money. Look for a card with no annual fee or monthly maintenance fee. These are a fee that some cards have just to keep the account open, but there are a lot of no annual fee credit cards that don’t.
  • No credit history required: Your credit history is the financial data the U.S. credit bureaus have about you, such as loan or credit card payments you’ve made. As an international student, you probably don’t have much or no credit history yet. Look for student credit cards that you can get without a credit history. You can also look for a secured credit card. This type of card requires a security deposit equal to its credit limit. Or choose a card that authorizes a co-signer – someone who has built their credit history and is willing to take responsibility for the card with you.
  • No foreign transaction fees: Some credit cards add an additional fee, usually 3%, for transactions abroad. This includes all purchases made outside of the United States or that go through a foreign bank. A card with no foreign transaction fees is preferable for international students. If you return home or elsewhere abroad, you can continue to use your credit card without paying extra.

Learn more: How to choose the right credit card

Why should international students get a US credit card?

The main benefits of getting a US credit card are building credit and having a secure and convenient way to pay for purchases.

If you are planning to live in the United States, your credit history will be very important. This and your credit score (which is based on your credit history) are used in a variety of ways.

Here are some examples:

  • Rental: Landlords do a credit check to decide if they are renting you when you apply for rental accommodation.
  • Loans: Lenders decide whether or not to approve you for a loan and, if so, the interest rate on your loan based on your credit.
  • Car insurance: In most states, auto insurance companies can use your credit to help set the insurance rates that drivers pay.
  • Works: Employers can review your credit history before deciding to hire you.

Finally, by getting a good credit score, you can qualify for the best credit cards. These have a lot more benefits and can help you save money.

One of the easiest ways to build credit is to get a credit card. Once you have a student card, you just need to use it regularly and pay the bill on time. This will put positive activity on your credit history.

Besides building credit, a credit card is also a useful tool for paying for purchases. Credit cards are widely accepted in the United States, and it is safer to carry a credit card rather than cash.

Just make sure you pay your bill in full each month to avoid credit card debt. Even if you have a card with a good credit card APR (interest rate), it’s still not worth paying interest charges.

How to get an American credit card as an international student

The easiest way to get a U.S. credit card is to use a Social Security number or an Individual Tax Identification Number (ITIN). International students are generally eligible to apply to these. You can apply for a social security number from the Social Security Administration if you are employed. Otherwise, you can apply for an ITIN with the IRS.

Here are the basic steps to apply for a credit card:

  1. Find a credit card available to applicants with no credit history.
  2. Go to the credit card page and choose the “Apply Now” option.
  3. Complete and submit the application to the credit card company.

If you are having trouble getting a Social Security number or an ITIN, you have a few alternatives. One is to visit a branch of the bank that offers the credit card. Some banks require a Social Security number or ITIN if you apply for a card online, but will allow you to apply with other documents in person.

You can also choose a student card that allows you to apply online using your passport and student visa, such as the Deserve Edu Mastercard for Students.

Another way to get started with credit is to become an authorized user on someone else’s credit card. Many card issuers only need a name and address to add someone as an authorized user. But they usually need a Social Security number or ITIN to report card activity on your credit history, which allows you to build credit.

Can I get a credit card if I’m not a U.S. citizen?

Yes, you can get a credit card if you are not a US citizen. Credit cards are available to legal residents, and some card issuers approve applicants of any citizenship status.

Keep in mind that the credit card issuer must verify your identity before approving you for a card. The documentation accepted for identity verification depends on the card issuer.

Can I get a credit card if I don’t have a social security number?

You don’t need a Social Security number to get a credit card. Credit card companies ask for a social security number during the application process to verify your identity. Most will also accept an ITIN as an alternative.

Some card issuers allow international students to apply for a card using their passport and student visa.

What do i need to apply for a US credit card?

Here is the personal information that credit card companies ask for during the application process:

  • Last name and first name
  • Home Address
  • Phone number
  • Date of Birth
  • Social security number or individual tax identification number (ITIN)
  • Annual gross income

If you do not have a Social Security number or ITIN, the card issuer may accept other types of identification.

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Ready for the big social security hike? Here’s when you’ll see those checks Mon, 22 Nov 2021 11:00:00 +0000

Social security benefits are increasingly important to the millions of people who receive them. This is because the Social Security Administration recently announced that benefit recipients are entitled to a 5.9% cost of living adjustment (COLA) in 2022.

COLAs occur most years to ensure that those who get the benefits don’t lose their purchasing power as prices rise. But while the Social Security increase has already been announced, you won’t see any additional money just yet.

The type of Social Security benefits you receive will determine when you can expect to receive your biggest checks.

Image source: Getty Images.

This is when your social security checks will increase

If you are one of the millions of Americans who currently receive Social Security retirement checks, you will start to see additional income in your payment arriving in January 2022. And if you are someone who receives Supplementary Security Income Benefits (SSI), you can expect to receive your first larger check by the next month. December 30, 2021.

This means retirees will enjoy their additional COLA benefits for the whole of next year, but will have to wait a little longer than SSI beneficiaries for their larger payments to arrive for the first time. SSI beneficiaries will also receive these larger payments for the whole of next year, although their first larger check will arrive in 2021.

Don’t get too excited about your big checks

While you might be happy to see more money coming from the Social Security Administration, it’s important to realize that periodic COLAs only occur when the consumer price index for urban wage earners and employees (CPI-W) shows that prices have increased year over year. .

In other words, while people generally call COLAs an “increase in social security,” COLA will not actually make you richer, as you might expect.

Instead, the extra money that starts coming in with your December 30, 2021 payment or with your January 2022 payment is designed only to ensure that you don’t to lose soil and that your purchasing power does not decrease when the prices of goods and services increase.

Unfortunately, a big benefit increase next year probably won’t even do it, as COLAs tend to not accurately account for the inflation that many Social Security recipients experience. This is because the CPI-W does not accurately reflect the price increases that are likely to hit seniors receiving retirement benefits the hardest. Older people spend differently from urban and office workers, and the CPI-W often underestimates the effects of some key spending increases.

Social security beneficiaries have been losing ground for decades, with the decrease in the purchasing power of services. This trend will most likely continue into 2022 as rising costs for food, shelter and healthcare will reduce the value of COLA. So even if you will see larger checks from the end of this year or early next year, you will need to make wise financial decisions about how you use the money to avoid a drop in your quality. of life.

Careful budgeting for the costs of inflation will be important even when larger checks arrive. This could mean, in some cases, exchanging more expensive items for more readily available and cheaper items, or taking advantage of senior coupons and discounts when they offer the opportunity to save.

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On the supply side: More retailers are offering “buy now, pay later” vacation financing Sat, 20 Nov 2021 14:39:08 +0000

Buy now, pay later, financing is becoming a staple for Walmart, Amazon, Target and many other retailers ahead of the holiday shopping season. Walmart was the layaway king for years, providing consumers with the flexibility to purchase holiday gifts or other big-ticket items on time and at no additional cost.

One caveat was that consumers had to pay for layaway items on a regular basis and the purchase had to be made and picked up at the store by December 15.

This year’s consumers do not have this option. Walmart recently switched to a new financing program offered by Affirm, a finance company that offers installment loans for retail purchases over a period of time.

Peggy Knight, Vice President of Woodridge Retail at Rogers, spent 22 years at Walmart before leaving the company in 2006 as Senior Director of Financial Services. Knight said the switch to Affirm does not replace the layaway. She said many customers who typically use layaway are non-bank and often deal in cash. Affirm and other Buy-It-Now and Pay-On Funding programs require a bank account or credit card on file, which is debited monthly for payments.

“This new program appears to be leaving some of Walmart’s top shoppers out of luck this holiday,” Knight said. “I can certainly understand that putting away takes more hours of work, and there is the problem of having to store items often in containers behind the store or in back rooms.

“But there’s no way to value all the good publicity Walmart has received over the years when celebrities go to random stores and pay everyone’s layaway before Christmas.”

The other problem with comparing layaway financing and Affirm financing is that Walmart did not charge interest for holding the items and allowing customers to make regular payments. Affirm charges interest in most cases, which is determined by credit score. Walmart said most purchases would incur charges with an APR between 10% and 30% depending on the credit score and the item purchased. Some things are still eligible for 0% APR, but this will usually be a promotional offer affecting certain items only.

This isn’t the first time Walmart has put aside its vacation layaway program. The company cut layaways in 2006, citing a lack of customer interest.

The company brought it back in 2011 on a limited basis and reinstated the program in 2012 under the leadership of Greg Foran, then CEO of Walmart in the United States.

Walmart recently said it chose not to set aside this year due to the decline in usage in recent years. Walmart executives said they believe retailer payment options are now the right solutions for customers today.

Scott Benedict, director of retail studies at Texas A&M University, said he understands the rationale behind setting aside due to labor constraints and the cost of storing items.

“Affirm and other pay-as-you-go solutions have become much more prevalent in recent years as consumers have shopped more online for everything,” said Benedict. “Target hasn’t traditionally offered a layaway and now offers Affirm financing, and that’s a smart move on their part. “

Target recently announced that customers can request Affirm financing for purchases over $ 100. Target has also partnered with Sezzle, another payment solution that allows consumers to pay over time without interest. The Sezzle option, like the Affirm payment plan, requires consumers to apply, and their credit limit varies based on credit score and ability to repay.

Consumers who buy through the Sezzle app can place their orders. Sezzle then pays Target for the total purchase. Consumers then set up a repayment plan which is typically four to six weeks depending on the size of the order. Sezzle does not charge interest, but consumers must have a bank account or a pre-loaded Visa or Mastercard debit card with which to pay for the purchase.

“We know our customers want easy, affordable payment options that stay within their family’s budget,” said Gemma Kubat, President of Retail and Financial Services at Target. “Through our partnerships with Affirm and Sezzle, Target is investing in new financial tools that make our shopping experiences more flexible and personalized to customer needs, just in time for the holiday season.”

Bed Bath & Beyond, Macy’s, and Amazon have also recently started offering buyers buy now and pay later for certain purchases.

Mark Vinter, senior economist at Wells Fargo Securities, recently said the financial market buy now, pay later was already causing a stir before the pandemic and is now looking to gain momentum before the holiday season. He said the biggest players in buy now, pay later financing are Affirm, Klarna, Paypal’s Pay in 4 service, and Afterpay, which was recently acquired by the Square mobile payment platform.

Vinter said that part of the popularity of the services is because they are cheaper than paying with most credit cards which charge higher interest rates. He said it’s also an option for consumers who don’t want to go through extensive credit checks and those who may not have a high enough credit score to get traditional cards. He warns that the flexibility of payment options is better called “point-of-sale financing,” saying it could lead some consumers to make purchases they really can’t afford. Vinter said some governments such as the UK have started to regulate the financial sector buy now, pay later.

Vinter said stimulus and monetary support was keeping many households afloat amid the pandemic, and credit scores on average improved as lockdowns limited spending options.

“Consumers remain in a very good position. Yet the growing popularity of these programs invites some credit risk, especially since they are in high demand by younger generations who already tend to have the most difficulty with transforming credit card debt. in serious delinquency. Additionally, while some of these programs have no interest rate, others may have a greater impact on missed payments, ”said Vinter.

A recent survey by consultancy group McKinsey estimated that buy now, pay later platforms have siphoned off between $ 8 billion and $ 10 billion in annual revenue from banks and credit card companies over the past 18 months. McKinsey also estimates that point-of-sale credit will account for between 13% and 15% of unsecured loan balances by 2023, up from 7% in 2019. The survey also found that 60% of those surveyed said that they were likely to use the point of sale. sales programs over the next six months to one year.

Editor’s Note: The offer side section Talk Business & Politics focuses on businesses, organizations, issues and individuals engaged in providing products and services to retailers. The Supply Side is operated by Talk Business & Politics and sponsored by Propak Logistics.

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IRS secures nearly $ 41 million in restitution from convicted payday lender

Scott Tucker pleaded guilty earlier this month to filing a false or fraudulent tax return

Notorious payday loan businessman Scott Tucker agreed to pay nearly $ 41 million in restitution to the Internal Revenue Service earlier this month after a plea deal in his long legal battle. Tucker owned and operated several businesses involved in a $ 3.5 billion online payday loan program. He is currently serving a 16-year sentence for the crimes. The IRS obtained the restitution after alleging that Tucker did not pay taxes on millions of profits from his businesses. From at least 1997 until 2013, Tucker made small, short-term, high-interest, unsecured loans, commonly known as “payday loans,” via the Internet, according to the US Department of Justice. Criminal Division. “Now there are taxes to be paid when you rip people off for decades.” In 2019, KMBC hedged a real estate sale in Tucker’s $ 2.1 million Leawood home. The real estate sale included hundreds of luxury items that Tucker purchased with profits from his businesses. Tucker’s brother Joel was also convicted of $ 7.3 million in payday loan fraud earlier this year, as well as $ 8 million in tax evasion. Tucker was sentenced to 12 and a half years in prison and was ordered to pay over $ 8 million in restitution to the IRS. including vehicles, chartered jets, travel and entertainment, and a personal home. Of the two cases, Hatcher said, “we are aggressively pursuing the public interest and we will take these cases to their logical conclusion.”

Notorious payday loan businessman Scott Tucker agreed to pay nearly $ 41 million in restitution to the Internal Revenue Service earlier this month after a plea deal amid his long battle legal.

Tucker owned and operated several businesses involved in a $ 3.5 billion online payday loan program. He is currently serving a 16-year sentence for these crimes.

The IRS obtained the restitution after alleging that Tucker did not pay taxes on millions of profits from his businesses.

From at least 1997 to 2013, Tucker made small, short-term, high-interest, unsecured loans, commonly known as “payday loans,” via the Internet, according to the US Department of Justice.

“It started as a payday loan program or a fraud and has evolved,” said Tyler Hatcher, special agent in charge of the IRS criminal division. “Now there are taxes to be paid when you rip people off for decades. “

In 2019, KMBC hedged a real estate sale in Tucker’s $ 2.1 million Leawood home. The real estate sale included hundreds of luxury items that Tucker had purchased with profits from his businesses.

Tucker’s brother Joel was also convicted of $ 7.3 million in payday loan fraud earlier this year, as well as $ 8 million in tax evasion. Tucker was sentenced to 12 and a half years in prison and was ordered to pay over $ 8 million in restitution to the IRS.

Court found Tucker was using bank accounts to hide his income and assets, spending hundreds of thousands of dollars on personal living expenses, including vehicles, charter jets, travel and entertainment, as well as a house personal.

Of both cases, Hatcher said, “we are aggressively pursuing the public interest and we will take these cases to their logical conclusion.”

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Alpha Latam Management, LLC and its debtor subsidiaries receive US bankruptcy court approval for sale of Colombian assets to CFG Partners Colombia SAS Fri, 19 Nov 2021 23:18:00 +0000

MIAMI, November 19, 2021 / PRNewswire / – Alpha Latam Management, LLC and certain of its affiliates that have filed voluntary requests for relief under Chapter 11 of the United States Bankruptcy Code (collectively, the “Debtors”) with the Bankruptcy Court of district of Delaware (the “bankruptcy court”) announced the approval of the proposed sale of the loan portfolio and certain related assets of the debtor entities Alpha Capital SAS and Vive Créditos Kusida SAS (together, the “Colombian sellers”) to CFG Partners Colombia SAS (“CFG Partners”) by the tribunal de grande instance on November 16, 2021, following a successful auction process.

The proposed sale, which went to bankruptcy court on Tuesday, is expected to produce a gross value of around US $ 149.5 million. CFG Partner’s successful bid is the result of six rounds of competitive auctions during the auction and is higher than the purchase price reflected in the APA Stalking Horse approved by the bankruptcy court in early October of US $ 134.9 million.

CFG Partners’ offer was ultimately considered the highest and best offer because, in addition to the purchase of the loan portfolio assets, it included the support of Colombian sellers. Bogota head office lease, purchase of assets and equipment related to head office facilities, and the potential hiring of some of the Debtors’ employees.

The closing of the sale is conditional on the regulatory approval of the Colombian Superintendent of Companies and other customary closing conditions.

Oriol Segarra, President and CEO of CFG, said: “We are pleased to announce the acquisition of Alpha’s Colombian loan portfolio, which will accelerate the strategic geographic expansion of our operations in Colombia which will now become an important growth engine for CFG. Colombia is similar to our existing operations in other geographies where CFG has maintained a leading franchise for decades. We have already assembled an experienced local management team in this market who will manage the acquisition of Alpha and lead the launch of our payday loan deduction product through digital channels over the coming months, ”said Eduardo Arguello, SVP Strategy and Business Development.

Debtors are advised by White & Case LLP and PPU. Rothschild & Co acted as the Debtors’ investment banker for the proposed transaction. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to CFG in connection with the transaction, and Brigard Urrutia as Colombian legal counsel.

About AlphaCredit©

AlphaCredit© is a technology-driven financial services company in Latin America which has historically provided consumer loans to individuals and financial solutions to SMEs in Mexico and Colombia.

About CFG Partners

CFG Partners LP is a digitally evolving branch-based consumer credit company offering unsecured personal loans and ancillary credit insurance products in Panama and the Caribbean. CFG has more $ 430 million in receivables and 110,000 customers spread over 70 sites in seven jurisdictions and 1,100 employees. Since 2007, CFG was born on $ 3.4 billion unsecured personal loans. BayBoston Managers LLC is the sponsor of CFG and the principal investor of an international group which includes Insigneo Financial Group, Elias Group, Victory Park Capital, Amzak Capital and M & A Capital.

Forward-looking statements

This press release includes “forward-looking statements”. Forward-looking statements are not statements of historical fact and reflect the current views of Debtors on future events. The words “believe”, “estimate”, “expect”, “anticipate”, “project”, “,” “. similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. Although the Debtors believe that their expectations reflected in the forward-looking statements are reasonable and are based on reasonable assumptions, certain risks and uncertainties could cause actual results to differ materially from the projections, anticipated results or other expectations expressed therein. communicated. These risks and uncertainties include, without limitation, the risks associated with our ongoing discussions with creditors, including our ability to negotiate agreements with our creditors on commercially favorable terms or not at all, limitations on availability capital, the volatility of the Debtors ‘business, the Debtors’ ability to comply with their financial and other covenants and measures in their financing agreements, and, with respect to the proposed sale, the risk that the closing conditions for make the proposed sale are not fulfilled. Any forward-looking statement speaks only as of the date on which such statement is made, and the Debtors assume no obligation to update or revise any forward-looking statements contained herein or any other forward-looking statements made by them. Accounts receivable, whether as a result of new information, future events or otherwise. This communication does not constitute an offer to sell or the solicitation of an offer to buy securities.

SOURCE Alpha Latam Management, LLC

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